KY HB436 | 2015 | Regular Session

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 11 2015 - 25% progression, died in chamber
Action: 2015-02-13 - WITHDRAWN
Text: Latest bill text (Draft #1) [MS Word]

Summary

Create KRS Chapter 381 and establish the Kentucky Nonjudicial Foreclosure Act to codify provisions for the creation, administration, modification, termination, and validity of deeds of trust with various sections to address definitions and general provisions regarding the sale of property secured by a deed of trust; provide that deeds of trust shall be recorded pursuant to KRS Chapter 382; establish who may act as a trustee subject to the laws of this state; enumerate the requirements for the purchase and sale of certain property when a written offer is made by the grantor and the sale of the property is insufficient to pay the senior beneficiary the obligation owed on a executed deed of trust encumbering residential real property; establish what requirements must be met before a trustee may execute the power of sale conferred by a deed of trust; enumerate what notice a beneficiary is required to provide to a grantor prior to the execution of a deed of trust; provide the requirements that must be met before a trustee or beneficiary may issue a notice of default including notice and contact requirements; encourage the Supreme Court of Kentucky to promulgate rules and administrative procedures necessary to establish a nonjudicial foreclosure mediation program including the appointment of a mediation administrator; provide what qualifications are necessary for a mediator appointed pursuant to this section; establish provisions and requirements necessary for participation in nonjudicial foreclosure mediation under this section; establish a fee for participation in the nonjudicial foreclosure mediation program; enumerate the rights and responsibilities of participants; enumerate when a trustee has the right to execute the power of sale granted under a deed of trust and what notice is required prior to execution of a power of sale and notice requirements for owner-occupied or tenant occupied property; allow that a trustee may continue a scheduled trustee

Tracking Information

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Title

AN ACT relating to nonjudicial foreclosure.

Sponsors


History

DateChamberAction
2015-02-13HouseWITHDRAWN
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2015-02-12Houseto Judiciary (H)
2015-02-11Houseintroduced in House

Kentucky State Sources


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